Treasury Stock and Subsequent Event

3 Months Ended

Jun. 30, 2016

Text Block [Abstract]

Treasury Stock and Subsequent Event

Note C — Treasury Stock and Subsequent Event

The Company’s Board of Directors initially approved the commencement of a share repurchase program in the fall of 1996. In November 2015, the Company’s Board of Directors approved a 1,000,000 share expansion to its existing stock repurchase plan, increasing the total number of shares of the Company’s common stock approved for repurchase over the life of the program to 35,000,000 shares of the Company’s common stock from the previous limit of 34,000,000 shares of the Company’s common stock. Since the commencement of the share repurchase program, the Company has spent $393 million to repurchase 33,924,419 shares of its common stock, equal to 63% of the outstanding common stock had there been no repurchases. The average price of these repurchases was $11.60 per share. These repurchases were funded primarily from the net earnings of the Company, along with the proceeds from the exercise of common stock options. During the three months ended June 30, 2016, the Company repurchased 38,160 shares of the Company’s common stock for $1.6 million at an average of $43.18 per share of common stock. The Company had 19,596,701 shares of common stock outstanding as of June 30, 2016, net of the 33,924,419 shares in treasury. During the period subsequent to the quarter ended June 30, 2016, the Company repurchased 6,651 shares of common stock for $294,000 at an average of $44.18 per share of common stock.